首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply-cuts in March, the price of crude oil
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply-cuts in March, the price of crude oil
admin
2019-10-21
82
问题
Could the bad old days of economic decline be about to return? Since OPEC agreed to supply-cuts in March, the price of crude oil has jumped to almost $ 26 a barrel, up from less than $ 10 last December. This near-tripling of oil prices calls up scary memories of the 1973 oil shock, when prices quadrupled, and 1979 -80, when they also almost tripled. Both previous shocks resulted in double-digit inflation and global economic decline. So where are the headlines warning of gloom and doom this time?
The oil price was given another push up this week when Iraq suspended oil exports. Strengthening economic growth, at the same time as winter grips the northern hemisphere, could push the price higher still in the short term.
Yet there are good reasons to expect the economic consequences now to be less severe than in the 1970s. In most countries the cost of crude oil now accounts for a smaller share of the price of petrol than it did in the 1970s. In Europe, taxes account for up to four-fifths of the retail price, so even quite big changes in the price of crude have a more muted effect on pump prices than in the past.
Rich economies are also less dependent on oil than they were, and so less sensitive to swings in the oil price. Energy conservation, a shift to other fuels and a decline in the importance of heavy, energy-intensive industries has reduced oil consumption. Software, consultancy and mobile telephones use far less oil than steel or car production. For each dollar of GDP(in constant prices)rich economies now use nearly 50% less oil man in 1973. The OECD estimates in its latest Economic Outlook that, its oil prices averaged $22 a barrel for a full year, compared with $ 13 in 1998, this would increase the oil import bill in rich economies by only 0.25 -0. 5% of GDP. That is less than one-quarter of the income loss in 1974 or 1980. On the other hand, oil-importing emerging economies—to which heavy industry has shifted—have become more energy-intensive, and so could be more seriously squeezed.
One more reason not to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity-price inflation and global excess demand. A sizable portion of the world is only just emerging from economic decline. The Economist’ s commodity price index is broadly unchanging from a year ago. In 1973 commodity prices jumped by 70% and in 1979 by almost 30%.
The estimates in Economic Outlook show that in rich countries______.
选项
A、heavy industry becomes more energy-intensive
B、income loss mainly results from fluctuating crude oil prices
C、manufacturing industry has been seriously squeezed
D、oil price changes have no significant impact on GDP
答案
D
解析
文章第四段第五句“The OECD estimates in its latest Economic Outlook that,its oil prices averaged $22 a barrel for a full year,…this would increase the oil import bill in rich economies by only 0.25—0.5% of GDP.”说明现在这种情况下,油价的上涨所带来的影响只是在0.25—0.5%之间。这表明在富裕国家石油价格的变化不会对GDP(国内生产总值)产生重大影响。故应选D。
转载请注明原文地址:https://www.kaotiyun.com/show/5rWd777K
本试题收录于:
公共英语五级笔试题库公共英语(PETS)分类
0
公共英语五级笔试
公共英语(PETS)
相关试题推荐
Thereareseveralthingsaboutmotorcyclingthattheaveragecitizendislikes.Acyclist’s(31)hassomethingtodowiththisdi
Thereareseveralthingsaboutmotorcyclingthattheaveragecitizendislikes.Acyclist’s(31)hassomethingtodowiththisdi
Thereareseveralthingsaboutmotorcyclingthattheaveragecitizendislikes.Acyclist’s(31)hassomethingtodowiththisdi
Thereareseveralthingsaboutmotorcyclingthattheaveragecitizendislikes.Acyclist’s(31)hassomethingtodowiththisdi
Whydidthe1906SanFranciscoearthquakehelpgivebirthtomodernearthquakescience?What’stheauthor’sopiniontowardsthe
Youmaysaythatthebusinessofmarkingbooksisgoingtoslowdownyourreading.(31)probablywill.That’soneofthe(32)fo
______burningcoal,oilandgasolineareresponsiblefortheglobingwarming?______thegovernmentshouldbackupinvestorswit
Themovementofthesuncreatesperiodsof______.
Themovementofthesuncreatesperiodsof______.
WorldleadersmetrecentlyatUnitedNationsheadquartersinNewYorkCitytodiscusstheenvironmentalissuesraisedattheRio
随机试题
驾车经过不允许鸣喇叭的路段,遇行人没有及时让路时,应断续鸣喇叭提醒让行。
壁胸膜包括【】
沙丁胺醇的不良反应有
铅对血液系统的损害
患者,女,70岁。患骨质疏松症,应首选的治疗药物是()。
[2005年第8题]采取下列哪种措施,可有效提高穿孔板吸声结构的共振频率?
关于投标报价的编制原则,下列说法正确的有()。
新推出的计算机产品在上市初期的定价相对较高,随着生产能力的提高逐渐降低价格,这种定价策略是()。
蛋白质α螺旋是最常见的二级结构。下列5种氨基酸中哪个最适合形成α螺旋
在找工作的过程中,有面试,就有曙光。面试的成功与否,除了面试官如何看你的条件及个人素质外,主要取决于他们如何评价你在面试中总的表现。【T1】大多数人在面试中处于被动地位,竭尽全力回答提出的任何问题。(passiveposition)一种更好的方法是控制
最新回复
(
0
)